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NOTE 9 - Earnings per Share
The number of shares outstanding for calculation of earnings per share
(EPS) is as follows:
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(Shares in thousends) |
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2001 |
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2000 |
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1999 |
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Weighted average shares outstanding - basic |
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27,602 |
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27,401 |
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28,051 |
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Dilutive effect of stock options |
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96 |
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Weighted average shares outstanding - diluted |
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27,602 |
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27,401 |
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28,147 |
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The effects of stock options on diluted
EPS are reflected through the application of the treasury stock method.
Under this method, proceeds received by the Company, based on assumed
exercise, are hypothecically used to repurchase the Company's shares at
the average market price for the period. Outstanding options to purchase
1,273 shares during fiscal year 1999 were not included in the computation
of diluted EPS because the exercise prices of the options were greater
than the average market price of the shares; therefore, the effect would
be anti-dilutive. Due to the net loss incurred in fiscal years 2001 and
2000, no outstanding options were included in the diluted EPS computation
because they would automatically result in anti-dilution.
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